It may be a bit premature to be keeping track of the up days versus down days this year, but since Tuesday had seasonality in its favor, it is noteworthy.
Look no further than the top component of the index, Apple Inc. (NASDAQ: AAPL) falling to a fresh 19 month low ($123.17), on the heels of slowing demand for its products. While Alphabet Inc. (NASDAQ: GOOG or GOOGL) and Amazon.com (NASDAQ: AMZN) exhibited some strength, it was not nearly enough to offset the steep decline in Apple.
In addition, the poster child for the growth technology sector, Tesla Inc (NASDAQ: TSLA) was clobbered after coming up shy on recent deliveries. The issue swooned $15.08 or 12.2%.
After visiting both ends of the recent trading range (3800-3900), the index shed 15 handles to close at 3846.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer of the top components of the index. For the session, the issue advanced by $1.82 or 2.17% to close at $85.82.
That was much better than the cash index’s decline of 0.40%.
As mentioned, Apple Inc. (NASDAQ: AAPL) was the biggest drag on the top components of the index. For the session, the issue declined by $4.86 or 3.74% to close at $125.07.
PreMarket Prep Stock Of The Day: JP Morgan Chase & Co. (NYSE: JPM)
Continues to defy gravity as the S&P 500 index and other issues in the sector are in retreat mode. Read more on JPM here.